WASHINGTON, D.C.--Senator John Thune today issued the following statement regarding President Obama's unprecedented "recess" appointment of Richard Cordray as director of the new Consumer Financial Protection Bureau (CFPB) without the Senate being adjourned:
"President Obama's decision to appoint an unaccountable czar to oversee the controversial CFPB created by the flawed Dodd-Frank law represents an extreme power grab and raises Constitutional issues because of the president's unilateral actions. This czar will oversee a new agency with expansive powers and little oversight and accountability to Congress, the Executive branch, and the American people."
In May of 2011, 45 Senate Republicans sent a letter to President Obama stating their intentions to oppose any nominee to direct the controversial CFPB until the agency is reformed to make it more accountable and transparent. Much needed reforms include establishing a board of directors to oversee the bureau, subjecting it to the appropriations process, and establishing a safety-and-soundness check for the prudential regulators.